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Jay-Z no longer part-owner of the Nets

Rapper and mogul Jay-Z helped bring the New Jersey Nets to Brooklyn and also transformed the team's overall look, fan base and more. Now it seems the legacy Jay worked so hard to help create is out of his hands. The hip hop legend took to his website, Life & Times, to announce his departure from the team and to explain to fans and the organization how much the Nets still mean to him.

"Being a member of the Nets organization surpassed some of my greatest ambitions," Jay wrote on the website. "It was never about an investment; it was about the NETS and Brooklyn. My job as an owner is over, but as a fan it has just begun. I'm a Brooklyn Net forever... A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team."

Jay owned just 1/15th of the team, but it was his constant support that captivated the players and the fans alike. The rapper ultimately had to let his ownership rights go to help his latest endeavor, acting as a sports agent. According to Bleacher Report, Jay recently announced he launched the Roc Nations Sports agency with CAA, already signing big name Yankees' star, Robinson Cano. Free from his ownership ties to the Nets, Jay can now freely sign basketball players to his agency.

Despite the $350,000 pay loss, Jay and wife Beyonce will likely bounce back. The power couple recently made the cut as the first musical couple to reach a billion dollar net worth, according to Celebuzz. Jay graced the cover of the publication's annual 100 Most Influential People in the World issue.

Do you think Jay will continue to support the Nets? Are you sad about his decision to leave the team?